Chrysler drives back into profit
Tuesday 03 May 2011
Chrysler, the US car maker, is in profit for the first time since emerging from bankruptcy in 2009. The company posted net income of $116m in the first three months of the year.
A gritty ad campaign featuring Eminem and the slogan "imported from Detroit" helped to boost sales in the US, and group revenues leapt 35 per cent to $13.1bn. The company said that until now, high-interest payments on money Chrysler owes to the US and Canadian governments had kept the motor firm in the red.
It said it planned to borrow $6bn in the private market in the next few weeks to refinance those government loans.
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